Meeting Summary
The City Council approved the sale of $20 million in general obligation bonds at a favorable fixed rate of 3.1733% and adopted the associated ordinance. They also approved a resolution to initiate the refunding of Series 2011 bonds and issue new bonds up to $35 million for hotel and conference center renovations. A two-year collective bargaining agreement with the firefighters' union was approved. An item regarding the Oklahoma Spartan Youth Organization's financial statement was tabled due to discrepancies.
Key Decisions & Votes
Sale of General Obligation Bonds
09:50Approved the award of the sale of $20 million general obligation bonds to BOSC Bank of Oklahoma Security Corp at a fixed rate of 3.1733%.
Ordinance for General Obligation Bonds
11:50Adopted an ordinance providing for the issuance of $20 million general obligation bonds and declaring an emergency.
Municipal Authority Refunding Revenue Bonds Resolution
17:40Approved a resolution to incur indebtedness by the Midwest City Municipal Authority, waiving competitive bidding, and initiating the refunding of Series 2011 bonds and a new bond issue up to $35 million for hotel and conference center renovations.
Collective Bargaining Agreement (Firefighters)
26:30Approved the collective bargaining agreement between the City of Midwest City and the International Association of Firefighters Local 2066, effective July 1, 2018, to June 30, 2020.
Municipal Authority Refunding Revenue Bonds (Trustees)
32:00Approved a resolution authorizing the issuance of not to exceed $35 million Midwest City Municipal Authority Refunding Revenue Bonds for hotel and Reid Conference Center renovation projects.
Upcoming Community Events
Pool Pass and Party Reservations
Available at the community center.
Financial Matters
General Obligation Bonds Sale
Awarded the sale of general obligation bonds to BOSC Bank of Oklahoma Security Corp at a 3.1733% fixed rate, resulting in a lower mill levy than projected.
Municipal Authority Refunding Revenue Bonds
Resolution approved to issue new bonds to refinance Series 2011 bonds and provide approximately $12 million for renovation projects at the hotel and Reid Conference Center.
Coming Up
Tabled
- Oklahoma Spartan Youth Organization 2017-2018 revised financial statement (to be revisited in two weeks)
Watch For
- Oklahoma Spartan Youth Organization financial statement (with explanation of all zeros)
Announcements
- City Manager Guy Hanson expressed appreciation for staff (Tim Lyon, Vaughn Sullivan, and others) for their efficient work during his medical leave.
- Vice Mayor welcomed City Manager Guy Hanson back and acknowledged the upcoming anniversary of losing an assistant fire chief, emphasizing appreciation for all city employees in dangerous jobs.
- Parks and Recreation will be taking applications for summer pool guards soon.
- March 1st is the date for purchasing pool passes and reserving the pool for parties at the community center.
Agenda Summary
Consent Agenda
Routine agenda items.
Consider the award of the sale of general obligation bonds of the City of Midwest City, Oklahoma, in the amount of $20 million.
Discussion and vote on awarding the sale of $20 million in general obligation bonds to the lowest bidder.
Consider and adopt an ordinance providing for the issuance of general obligation bonds in the sum of $20 million by the City of Midwest City, Oklahoma.
Ordinance authorizing the issuance of general obligation bonds, providing for registration, tax levy, and declaring an emergency.
Consider and vote to approve a resolution relating to the incurring of indebtedness by the trustees of the Midwest City Municipal Authority.
Resolution to initiate the refunding of Series 2011 bonds associated with the Reid Conference Center and provide for a new bond issue for hotel renovations.
Discussion consideration of accepting the Oklahoma Spartan Youth Organization 2017-2018 revised financial statement.
Review of the financial statement from the youth organization, with concerns raised about the submitted 'all zeros' report.
Discussion consideration of approval the collective bargaining agreement between the City of Midwest City and the International Association of Firefighters Local 2066.
Approval of the collective bargaining agreement effective from July 1, 2018, to June 30, 2020.
Midwest City Municipal Authority Consent Agenda
Routine agenda items for the Municipal Authority.
Consider and vote to approve a resolution authorizing the issuance of not to exceed $35 million Midwest City Municipal Authority Refunding Revenue Bonds.
Resolution authorizing the issuance of refunding revenue bonds for hotel and Reid Conference Center renovation projects.
Midwest City Memorial Hospital Authority Consent Agenda
Routine agenda items for the Hospital Authority.
Discussion consideration of action to reallocate assets, change fund managers or make changes in the statement of investment policy guidelines and objectives (Midwest City Memorial Hospital Authority).
Discussion regarding investment policy and asset management for the Hospital Authority.
Midwest City Special Economic Development Authority Consent Agenda
Routine agenda items for the Economic Development Authority.